I reviewed my account application for this broker from early 2012. The document stated they were regulated by IFSA (of St Vincent) license #19738. Their website still refers to this license. So, they are consistent in that respect.
Okay, that is good to know. The reason I brought this up today is because they are currently classified as being from Hong Kong on page one of this thread. Now we have some good information regarding their whereabouts.
Regarding regulation, the information with which you have been provided is incorrect. This is a misrepresentation. Please see the below statement from the Saint Vincent Financial Services Authority:
“The Financial Services Authority (the “Authority”) wishes to advise that it does not ‘Regulate, Monitor or Supervise” International Business Companies (IBCs) which engage in FOREX Trading or Brokerage. Statements of this nature are a misrepresentation of the Authority’s supervisory powers with respect to IBCs.
The Authority does not approve or sanction the business activities of IBCs upon their incorporation. The extent of supervision of IBCs goes no further than to ensure that IBCs comply with their obligations under the International Business Companies Act. The Authority also does not license the activity of FOREX Trading or Brokerage and any IBC purporting to be licensed by the Authority to conduct this business activity is making a false statement
[B]Issued By:
Financial Services Authority
5th June, 2014[/B]
Source: The Finanical Services Authority - St. Vincent & the Grenadines
Further, the [B]SmartTradeFX [/B]says it is regulated by the IFSA (and not the FSA) of Saint Vincent. However, apparently they are the same because on the FSA website it says:
The Financial Services Authority regulates and supervises the [U][B]international financial services sector[/B][/U] and the non bank financial institutions in accordance with the various governing legislation and best international practices to ensure that these sectors are reputable and contribute to the economic and social development of St. Vincent and the Grenadines
Lastly, a quick Google search of their address brings up various other entities sharing that same address:
Suite 305, Griffith Corporate Centre, Beachmont
Thus, as we have been concluding as of late, this is an indication that [B]SmartTradeFX [/B]is indeed an IBC and is thus under no regulation in Saint Vincent.
Therefore, the license number is simply made up. If anyone has any information from any reliable sources that speak to the contrary, I would be happy to hear it.
Yes, I think this can be a useful section. Many brokers operate as White Labels and this is a similar sounding arrangement.
I will be updating the List.
The first step, as usual, will be to remove all the previous red highlighting.
Next, get caught up on the new information posted on this thread over the past 2 weeks, as follows:
• [B]EvenForex (India)[/B] - this broker appears to be domiciled in Mumbai, India, with a “mail-drop” address in Dominica. [I]tomd100[/I] reports that they do not accept U.S. clients. However, their live account registration page offers “United States of America” as a valid selection in the drop-down menu for “country”. (I did not try to open an account with this broker.) For now, I will go with Tom’s info regarding [U]no U.S. clients[/U]. I will list this broker in Group 2, as EvenForex (India) in the Pacific / Asia section.
• [B]SmartTradeFX[/B] - we have been listing this broker in Hong Kong, but according to [I]tomd100[/I] and [I]Shatner’s Last Stand,[/I] this broker is domiciled in St. Vincent and the Grenadines, with a back-office operation in Hong Kong. Also, their claim of being regulated in St. Vincent seems sketchy. For now, I will move this broker to the Caribbean section in Group 1 of our List, and show them as SmartTradeFX (St. Vincent and the Grenadines) - not regulated.
• [B]1BillionForex (Belize)[/B] - this broker has been suggested for inclusion in Group 1 by [I]pipstraderUSA.[/I] However, I’m not satisfied with their representation that they are I an independent broker[/I] operating in Belize, [I][U]and[/U] (2) an introducing broker[/I] for FX Choice. Either they compete for business with FX Choice (in which case they may deserve a place in our List), or they simply represent FX Choice (in which case we don’t need them, because FX Choice is already represented in our List). For now, I will not add 1BillionForex to our List.
Digging back even further, to posts in early September, I found some unfinished business with the following brokers. In each case [I]tomd100[/I] alerted us to the problems:
• [B]FX Company (Mauritius?)[/B] - evidently, their website has been permanently deleted from the internet. I will remove this broker from our List.
• [B]StrategemFX (Belize)[/B] - evidently, their website has been permanently deleted from the internet. I will remove this broker from our List.
• [B]PaxForex[/B] - slight correction: this broker purports to be domiciled in St. Vincent, which is geographically in the British West Indies (although not in the British Virgin Islands, which is where we currently show them in our List). I will change their listing to read PaxForex (St. Vincent and the Grenadines).
(Who can keep track of all these British Overseas Territories ?)
Edit: The List has been updated.
It makes me very disappointed when I see your updated list because with each revision, the number of brokers keeps going down :31:
I will speak with them in chat again regarding US clients and report back with their response. They are currently offline.
This one still bothers me. It is so easy to set up an IBC in St Vincent yet this broker, according to the SVG FSA is not even registered as an IBC down there and just uses a generic IBC address that other companies use. I know you mentioned my post #2261 in the broker list, but I just wanted to stress this point one more time because it raises so many red flags. Perhaps you could bold the “#2261” next to the PaxForex listing so people don’t look over it? I believe it is very important and may speak about the character of the company as a whole.
According to their website (and according to the beneficiary information on their bank account), their company is called [I]Laino Group Limited[/I]. However, since I have no idea where the St Vincent IBC Registry is online (or if there even if one), I cannot verify if this company is actually registered in St Vincent.
This is where they accept US wire transfers:
Bank: ABC Banking Corporation Ltd
Bank Adress: 2nd Floor, ABC Centre, Military Road, Port-Louis, Mauritius
Surprising to see that Mauritius hasn’t closed their account yet; it’s only a matter of time.
There’s a simple solution to this problem: Prospecting – just like salespeople do, when they need new customers.
There are hundreds of forex brokers out there that we have never considered.
Sixteen months ago, I tried to generate some interest in finding new candidates for our List, when I posted THIS:
Over the past 3 years, Group 1 in our List has been shrinking, and Group 2 has been growing. We need to find some replacements for the brokers we’ve lost. If we do some searching, I think we should be able to find new brokers to add to our Group 1. At last count, there appeared to be over 400 retail forex brokers worldwide, of which almost 350 are outside the U.S. We’re probably overlooking some good prospects.
It occurred to me that we aren’t the only website sifting brokers to find those who will deal with us. So, I did a quick search of 4 other sites, and copied their lists of brokers who will accept U.S. clients. In my next post, I will give you those lists.
The lists are in “raw” form, unfiltered and unedited. They include U.S. brokers (which we will have to screen out), and they all include brokers which we have already vetted and eliminated from our List. Although each of these 4 lists is longer than our Offshore Broker List, I believe that ours is the most accurate of the bunch.
Nevertheless, there are brokers in these lists which we have never discussed. There are some names that I’ve never even seen before, and possibly you haven’t either. So, maybe we can get a few folks on this thread to scan these lists, and hunt for prospects for our List.
Then I posted a long list of prospects — brokers who supposedly will accept U.S. clients — in the hope that there might be folks on this thread who would take the challenge, and start vetting some of them for inclusion in our Offshore Broker List.
Aside from a couple of comments about how we ought to divide up the list, and share the work-load, nothing materialized. Evidently, everyone was content to leave the work to someone else. Or, maybe they just wanted to leave it to me.
With that sort of apathy all around me, I just let the whole matter drop.
We can try again. The list I compiled 16 months ago is not as fresh as it was then, but I’d bet money that it contains brokers who should be on our List.
Salespeople pay for lists of prospects — they’re called “leads”. We don’t have to pay for anything. And we don’t even have to do any work to find our “prospects”. They’ve been dropped in our laps. All we have to do is “qualify” them. In most cases, this should take no more than a few minutes per prospective broker.
Maybe there are now some people on this thread who would like to tackle this challenge. If so, I’ll re-post the LIST from 16 months ago, here —
List copied from
EarnForex.com
Forex Broker Inc.
FxGlory
eToro
ACM
Alpari
CMS Forex
Forex.com
FX Solutions
GFT Forex
IBFX
Interactive Brokers
MB Trading
Oanda
RTFX
FXCM
Forex Club
MIG Bank
iForex
FXDD
VarengoldBankFX
Noble Trading
FXCM
FXD24
FXT Swiss
ATC Brokers
Windsor Brokers
FOREX UKRAINE
Bulbrokers
ATG Marketplex
Advanced Markets
CitiFX Pro
Forex Capital Trading
Global Futures
FXGM
AAAFx
Markets.com
Profiforex
FinFX
Forex-Market
uTrader
Nefteprombank
BlackstoneFX
Goldstein Brokers
Goldboro
FXVV
BeamFX
NatureForex
Vector Securities
Tallinex
UMOFX
ATIG Securities
Forex Optimum
PaxForex
FastBrokers
List copied from
100ForexBrokers.com
ADM Derivatives (ADMD)
Advanced Markets
AL Trade
Alpari US
Alpha Trading CM
Arab Financial Brokers (AFB)
AssetsFX
ATC Brokers
ATG Marketplex - Aaron Trading
Barclays Stockbrokers
Baxter FX
BeamFX
BMFN - Boston Merchant Financial
BMFN Europe
Bulbrokers
BulldogFX
CitiFX Pro
City Credit Capital UK
City Index
Citypoint Trading
CMS Forex
DormanFX
Easy Forex
eToro USA
Exto Capital
FastBrokers
Finexo
FinFX
Forex Club
Forex FS
Forex-Metal
FOREX.com
Fortress Captial
FX Choice
FX Services
FXCBS (Fienex Group)
FXCM
FXDD
FXFlat
FxGlory
FXM Financial Group
FXVV
Gain Capital Group
Goldstein Brokers
GreenFX Traders
IBFX
IHI - Investment House Int’l
Interactive Brokers
Liquidex
Lucror FX
M2 Forex
MB Trading
MRC Markets
N2 Capital Market
Noble Trading
Oanda
PaxForex
Persepolis Capital Management
PFG FX - Pro Finance Group
PipFixed
Profiforex
Real Trade
Real-Forex
Renesource Capital
Saxo Bank
Shaw Markets
SmartTradeForex
SmartTradeFX
Solidity Brokers
Strategem FX
Sun Hung Kai Forex
Swiss International (swissfs.com)
thinkorswim
TradeKing
Traders Way
TradersChoiceFX
TradeStation Securities
United Forex
UPME Group
Victory International Futures
X-Trade Brokers (XTB)
List copied from
ForexBrokerGuide.com
EXNESS
Profiforex
Forex Broker Inc
Real Trade Group
PFG Best Direct
Trading Point
IntelFX
TradeOrbitz
Traders Way
IBFX
Vantage FX
FXW
Titan Financial Group (TFG)
Back Bay FX
FX Choice
EES FX
Market Investments Team (MIT-FX)
Solidity Brokers
PipFixed Forex Broker
FIBO Group Holdings Ltd
VertiFX
Hoard-fx
Lucror Foreign Exchange
4RunnerForex
4UFX
AAAFx
GloCap Markets
4xbank
Paragon FX
Equilor Trader
Persepolis Capital Management
IncoNeon
FXM Financial Group
AL Trade
SmartTradeFX
BTrader
2 Pip Fixed
Black Stone
Monex Investindo Futures
Advanced Markets (AMIFX)
Alpari US
eToro USA
Forex FS
Lite Forex
MB Trading
MVP Financial
WSD Global Markets
M2 Forex
Binary Options Trading
Fortress Capital
Forex Investment Pros
Frontier Forex
BMFN EAD EU
List copied from
Forex-Third-Eye.com
1pipfix
2pipfixed
4XP - Forex Place
ACM
ADM Derivatives
Advanced Markets
AFB (Arab Financial Brokers)
AL Trade
Alpari US
Apex FX Trading
ATC Brokers
ATG Marketplex
Baxter FX
Bloombex
Bulbrokers
CIM Bank
CitiFX Pro
City Credit Capital
Dorman FX
Dukascopy
Easy Forex
EFX
eToro USA
Exto Capital
FalcoFX
FastBrokers
FIGfx
Finexo
FinFX
Finotec
FOREX.com
Forex FS
Forex Ltd
Forex Metal
Forex Yard
FX Solutions
FXCM
FxCompany
FXDD
FXM Financial Group
GFT
IC Markets
IKON Global Markets
Institutional Liquidity
Interactive Brokers
Interbank FX
LiteForex
London Capital Group
Mandus Invest
Marketiva
MB Trading
MFFX
Noble Trading
Nord Markets
NTWO CM
Oanda
Persepolis Capital Management
PFG Best
Real Forex
Real Trade Group
Renesource Capital
Saxo Bank
SmartTradeFX
Swiss
Tallinex
The Collective FX
TradeStaion Securities
UWC - United World Capital
XTB - XTrade Brokers
You’re right, hopefully some other members can chime in about some new brokers we can take from those lists to put onto page 1. I have condensed all of the lists above into one list and removed (hopefully) all of the duplicates. There are some (For example: Real Trade & Real Trade Group) that had similar names but were not pruned from the list yet as I have not looked at them yet.
Current Prospect List:
1pipfix
2 Pip Fixed
4RunnerForex
4UFX
4xbank
4XP - Forex Place
AAAFx
ACM
ADM Derivatives (ADMD)
Advanced Markets (AMIFX)
AFB (Arab Financial Brokers)
AL Trade
Alpha Trading CM
Apex FX Trading
Arab Financial Brokers (AFB)
ATG Marketplex - Aaron Trading
ATIG Securities
Back Bay FX
Barclays Stockbrokers
Baxter FX
Binary Options Trading
Black Stone
BlackstoneFX
Bloombex
BMFN - Boston Merchant Financial
BMFN EAD EU
BMFN Europe
BTrader
Bulbrokers
BulldogFX
CIM Bank
CitiFX Pro
City Credit Capital
City Credit Capital UK
City Index
Citypoint Trading
CMS Forex
Dorman FX
Easy Forex
EES FX
EFX
Equilor Trader
eToro
eToro USA
Exto Capital
FalcoFX
FastBrokers
FIBO Group Holdings Ltd
FIGfx
Finexo
Finotec
Forex Capital Trading
Forex Club
Forex Investment Pros
Forex Ltd
Forex Metal
Forex Optimum
FOREX UKRAINE
Forex Yard
Forex-Market
Forex-Metal
Fortress Captial
Frontier Forex
FX Services
FX Solutions
FXCBS (Fienex Group)
FxCompany
FXD24
FXFlat
FXGM
FXM Financial Group
FXT Swiss
FXVV
FXW
GFT
GFT Forex
Global Futures
GloCap Markets
Goldboro
Goldstein Brokers
GreenFX Traders
Hoard-fx
iForex
IHI - Investment House Int’l
IKON Global Markets
IncoNeon
Institutional Liquidity
IntelFX
Interbank FX
Liquidex
LiteForex
London Capital Group
Lucror Foreign Exchange
Lucror FX
M2 Forex
Mandus Invest
Market Investments Team (MIT-FX)
Marketiva
Markets.com
MFFX
MIG Bank
Monex Investindo Futures
MRC Markets
MVP Financial
N2 Capital Market
NatureForex
Nefteprombank
Noble Trading
Nord Markets
NTWO CM
Paragon FX
PaxForex
Persepolis Capital Management
PFG Best
PFG Best Direct
PFG FX - Pro Finance Group
PipFixed
PipFixed Forex Broker
Real Forex
Real Trade
Real Trade Group
Real-Forex
RTFX
Saxo Bank
Shaw Markets
SmartTradeForex – Same as SmartTradeFX?
Solidity Brokers
Solidity Brokers
Strategem FX
Sun Hung Kai Forex
Swiss
Swiss International (swissfs.com)
The Collective FX
thinkorswim
Titan Financial Group (TFG)
TradeOrbitz
TradersChoiceFX
TradeStation Securities
Trading Point
UMOFX
United Forex
UPME Group
uTrader
UWC - United World Capital
Vantage FX
VarengoldBankFX
Vector Securities
VertiFX
Victory International Futures
Windsor Brokers
WSD Global Markets
XTB - XTrade Brokers
X-Trade Brokers (XTB)
Removed From Prospect List:
Does Not Accept US Clients-
Alpari/Alpari US – Left US Market
Dukascopy
EXNESS
Forex FS
FXDD – Left US Market
IBFX
IC Markets
Interactive Brokers
Accepts US Clients/On Page 1-
AssetsFX
FinFX
Forex Broker Inc.
FX Choice
FxGlory
Profiforex
Renesource Capital
SmartTradeFX
Tallinex
Traders Way
Regulated by the CFTC-
ATC Brokers
BeamFX – Website no longer works. LinkedIn says they are an IB registered with the CFTC.
FOREX.com/Gain Capital Group
FXCM
MB Trading
Oanda
TradeKing
With the list of brokers above, which one do you guys think have the latest lucrative offer please? 
Good first step, Tom. Thanks for pitching in.
Your consolidated list can be further trimmed by removing all of the brokers that we currently have listed in our Group 2.
Confirming that each of those Group 2 brokers still belong in Group 2 would be nice, BUT that would involve a tremendous amount of “re-vetting”. In my opinion, for now, we should simply delete them from your consolidated list, with the thought that we might review them on a case-by-case basis sometime in the future, to see whether they still belong in Group 2.
Again, thanks for stepping up!
If you’re talking about Tom’s list in post #2301, don’t use that list in your search for a broker, at this time. Tom’s list is being sorted and edited, and it should not be used for making recommendations, yet.
If you’re looking for an Offshore Broker who will accept new clients from the U.S., then do your looking in the first two posts in this thread.
I’m working to vet the brokers in Tom’s Current Prospect List (see post #2301).
I’m using this post as a worksheet to sort the brokers in Tom’s list, as he and I (and hopefully a few other members) proceed with the vetting.
After we have gleaned what we can from the prospect list (and have double-checked our results), I will make the appropriate additions to the Offshore Broker List.
I’m sure that I have missed some brokers in this ongoing edit, so some assistance from other forum members in double-checking my work would be greatly appreciated.
Kudos to Tom for getting this started.
Below are some brokers (arranged in 7 lists) which can now be edited out of Tom’s prospect list:
(Note: I have added countries in parentheses.)
1 - The following brokers are already listed in Group 1 of our Offshore Broker List —
AssetsFX (Finland)
FinFX (Finland)
Forex Broker Inc. (Belize)
Forex Metal (Panama)
FX Choice (Belize)
FxGlory (U.A.E.)
MRC Markets (Russia, Lithuania, etc.)
PaxForex (St. Vincent and the Grenadines)
Profiforex (Seychelles)
Real Forex (Belize)
Real Trade (Seychelles)
Renesource Capital (Latvia)
SmartTradeFX (St. Vincent and the Grenadines)
Tallinex (Estonia)
Traders Way (Dominica)
2 - The following brokers are already listed in Group 2 of our Offshore Broker List —
1pipfix (Nevis)
2 Pip Fixed (Nevis)
4RunnerForex (British Virgin Islands)
4XP - Forex Place (British Virgin Islands)
AAAFx (Greece)
ACM (Switzerland)
AFB - Arab Financial Brokers (Kuwait)
Alpari (UK)
BMFN - Boston Merchant Financial (Australia)
Bulbrokers (Bulgaria)
CIM Bank (Switzerland)
City Credit Capital (UK)
CMS Forex (UK)
Dukascopy (Switzerland)
Easy Forex (Cyprus)
Exness Ltd (Cyprus)
FIBO Group Holdings Ltd (Cyprus)
Finexo (Germany)
Finotec (UK)
Forex Capital Trading - ForexCT (Australia)
Forex Club (British Virgin Islands)
Forex FS (Australia)
Forex Yard (Cyprus)
FXCBS (British Virgin Islands)
FXM Financial Group (Germany)
IntelFX (New Zealand)
LiteForex (Marshall Islands)
Lucror (New Zealand)
Marketiva (Montenegro)
MIG Bank (Switzerland)
Nord Markets (Sweden)
PipFixed (Panama)
Saxo Bank (Denmark)
Sun Hung Kai Forex - SHK Direct (Hong Kong)
The Collective FX (Belize)
Trading Point (Cyprus)
UWC - United World Capital (Cyprus)
Vantage FX (Australia)
VarengoldBankFX (Germany)
Windsor Brokers (Cyprus)
XTB - XTrade Brokers (Poland)
3 - The following brokers are domiciled in the U.S. and/or CFTC/NFA-regulated —
Alpari (US) — institutional clients only; U.S. retail client book sold to FXCM
ATC Brokers (US)
BeamFX - Beam Financial Group (US) — IB for ILQ (Australia)
CitiFX Pro (US)
Dorman FX (US)
EES FX (US) — IB for Pepperstone (Australia)
Fast Brokers (US) — IB registered with the NFA
FXCM (US)
FXDD - FX Direct Dealer (US) — CFTC/NFA-regulated; U.S. retail client book sold to FXCM
Gain Capital (US)
GFT (US) — now called Forex.com, and now a division of Gain Capital (US)
Global Futures (US)
IKON Global Markets (US) — do not confuse with IKON Group (Hong Kong) in list #6
Institutional Liquidity - ILQ (Australia) — CFTC registered FCM, and NFA member
Interactive Brokers (US)
Interbank FX - IBFX (US)
MB Trading (US)
Oanda (US)
ThinkOrSwim (US) — div. of TD Ameritrade
TradeKing Forex (US) — IB for Gain Capital (US)
TradersChoiceFX (US) — IB registered with the NFA
TradeStation Securities (US)
4 - The following brokers are out of business —
4UFX (domicile ?)
4xBank (domicile ?)
EFX - England Foreign Exchange (Panama)
Exto Capital (Switzerland)
FalcoFX (Cyprus)
FigFX (Seychelles) — do not confuse with Fidelity International Growth Fund (ticker FIGFX)
FX Company (Mauritius) — see FXVan (UK) in list #6 below
FX Solutions (US) — retail book sold to Gain Capital (US), and City Index (UK)
FXT Swiss (Switzerland) — current status of this broker needs to be verified - see FINMA
FXVV (United Arab Emirates)
MFFX (Belize)
PFG Best - Peregrine Financial Group (US) — do not confuse with PFG FX (B.V.I.) in list #5
Solidity Brokers (Cyprus)
Strategem FX (Belize)
WSD Global Markets (New Zealand)
5 - The following brokers (currently not listed in Group 1) will accept U.S. clients —
FXDirect Group AG - FXD24 (Panama) — needs further vetting
PFG FX (British Virgin Islands) - Pro Finance Group (Russia and UK) — needs further vetting
Vector Securities (Russia)
6 - The following brokers (currently not listed in Group 2) do not accept U.S. clients —
Advanced Markets - AMIFX (UK)
AL Trade Inc. (British Virgin Islands) — domicile and U.S. client policy need to be verified
City Index (UK) — has agreed to be acquired by Gain Capital (US)
Citypoint Trading (UK)
eToro (Cyprus)
Forex Ltd (UK) — policy regarding U.S. clients needs to be verified
FXGM (Cyprus)
FXVan (UK) — new name of FX Company (Mauritius) - see list #3, above
IC Markets (Australia) — do not confuse with IG Markets (Australia) in Group 2 of our List
IKON Group (Hong Kong) — do not confuse with IKON Global Markets (US) in list #3
Markets.com (Cyprus)
RTFX - Realtime Forex (Malta) — policy regarding U.S. clients needs to be verified
Swiss International (Kuwait) — trading name of BMFN (Australia) - see list #2, above
TradeOrbitz (UK) — policy regarding U.S. clients needs to be verified
UMOfx (New Zealand)
VertiFX (Canada)
7 - The following brokers do not fit into any of the categories listed above —
ADM Derivatives - ADMD (US) — not a retail forex broker
Forex Market - forex-market.net ( ? ) — not a broker; appears to be a blog
Forex Markets Ltd - forex-markets.org (Panama) — “guaranteed ROI” scam
FX Services ( ? ) — cannot identify
FXW - FXW Forex Training — not a broker; this is a forex education site
London Capital Group (UK) — note the $20,000 minimum initial deposit
Victory International Futures (Indonesia) — website in Indonesian; no English translation
Tom’s Current List of Prospects is now edited down to the following —
This is the list that needs further work.If you can help with vetting these brokers, please do.
Alpha Trading CM
Apex FX Trading
ATG Marketplex - Aaron Trading
ATIG Securities
Back Bay FX
Barclays Stockbrokers
Baxter FX
Binary Options Trading
Black Stone
BlackstoneFX
Bloombex
BTrader
BulldogFX
Equilor Trader
Forex Investment Pros
Forex Optimum
FOREX UKRAINE
Fortress Captial
Frontier Forex
FXFlat
GloCap Markets
Goldboro
Goldstein Brokers
GreenFX Traders
Hoard-fx
iForex
IHI - Investment House Int’l
IncoNeon
Liquidex
M2 Forex
Mandus Invest
Market Investments Team (MIT-FX)
Monex Investindo Futures
MVP Financial
N2 Capital Market
NatureForex
Nefteprombank
Noble Trading
NTWO CM
Paragon FX
Persepolis Capital Management
Shaw Markets
Titan Financial Group (TFG)
United Forex
UPME Group
uTrader
Notes:
These brokers require additional vetting:
AL Trade Inc. (British Virgin Islands) — domicile ? — U.S. client policy ?
Forex Ltd (UK) — does not accept U.S. clients ?
FXDirect Group AG - FXD24 (Panama) — accepts U.S. clients ?
FXT Swiss (Switzerland) — out of business ?
IKON Group (Hong Kong) — accepts U.S. clients ?
PFG FX (British Virgin Islands) — accepts U.S. clients ?
RTFX - Realtime Forex (Malta) — does not accept U.S. clients ?
TradeOrbitz (UK) — does not accept U.S. clients ?
Vector Securities (Russia) — accepts U.S. clients ?
Other brokers, discovered while vetting Tom’s prospect list:
ETX Capital (UK) — no U.S. clients — will be added to Group 2 in our List
Additional notes:
MRC Markets (Russia) — see list #1 — [Note: Malwarebytes blocks two MRC websites]
IKON Group (Hong Kong) — does not accept U.S. clients, EXCEPT those with dual citizenship
Victory International Futures (Indonesia) — appears to accept Indonesian clients only.
Here is their website. (Do not visit vif4.vifcorps.com - that site is corrupted with malware.)
I have gone through the lists you have made and have copied your post below into my own. I have highlighted my changed in red.
Changes:
-Removed IntelFX (from New Zealand) from the current Prospect List and added it to the Group Two List
-Moved PaxForex from the list that does not accept US clients to the list that does. (Please see post two of this thread) PaxForex is the broker in question with regard to its true location (if there is one). I signed up for an account with them and had it verified to check out their back office services, so they still accept US clients.
-Removed duplicate entry of Solidity Brokers from Prospect List
-Removed FalcoFX and 4UFX from Prospect List and moved it to the Out of Business list. Source-FalcoFX (website is down). Source 4UFX No website anymore and alert from UK FCA
-VertiFX moved to New List 2. Source (bottom of page)
Lists as of November 4, 1:51AM:
The following brokers are currently listed in Group 2 of our Offshore Broker List —
1pipfix (Nevis)
2 Pip Fixed (Nevis)
4RunnerForex (British Virgin Islands)
4XP - Forex Place (British Virgin Islands)
AAAFx (Greece)
ACM (Switzerland)
AFB (Arab Financial Brokers) (Kuwait)
BMFN (Australia)
Bulbrokers (Bulgaria)
CIM Bank (Switzerland)
City Credit Capital (UK)
CMS Forex (UK
Easy Forex (Cyprus)
FIBO Group Holdings Ltd (Cyprus)
Finexo (Germany)
Finotec (UK)
Forex Club (British Virgin Islands)
Forex Yard (Cyprus)
FXCBS (British Virgin Islands)
FXM Financial Group (Germany)
IntelFX (New Zealand)
LiteForex (Marshall Islands)
Lucror (New Zealand)
Marketiva (Montenegro)
MIG Bank (Switzerland)
Nord Markets (Sweden)
PipFixed (Panama)
Saxo Bank (Denmark)
Sun Hung Kai Forex (Hong Kong)
The Collective FX (Belize)
Trading Point (Cyprus)
UWC - United World Capital (Cyprus)
Vantage FX (Australia)
VarengoldBankFX (Germany)
Windsor Brokers (Cyprus)
XTB - XTrade Brokers (Poland)
The following brokers are currently listed in Group 1 of our Offshore Broker List —
Forex Metal (Panama)
PaxForex (St. Vincent and the Grenadines)
Real Trade (Seychelles)
The following brokers are domiciled in the U.S. —
CitiFX Pro (US)
GFT (US) - now called Forex.com, and now a division of Gain Capital (US)
The following brokers (currently not listed in Group 2) do not accept U.S. clients —
City Index (UK) - has agreed to be acquired by Gain Capital (US)
eToro (Cyprus)
VertiFX (CA, RU, IN, UK, NZ)
The following brokers are out of business —
4UFX (UK)
FalcoFX (Cyprus)
FX Solutions (US) - retail book sold to Gain Capital (US), and City Index (UK)
FXVV (United Arab Emirates)
Strategem FX (Belize)
Prospect List –
4xbank
ADM Derivatives (ADMD)
Advanced Markets (AMIFX))
AL Trade
Alpha Trading CM
Apex FX Trading
ATG Marketplex - Aaron Trading
ATIG Securities
Back Bay FX
Barclays Stockbrokers
Baxter FX
Binary Options Trading
Black Stone
BlackstoneFX
Bloombex
BTrader
BulldogFX
Citypoint Trading
Dorman FX
EES FX
EFX
Equilor Trader
Exto Capital
FastBrokers
FIGfx
Forex Capital Trading
Forex Investment Pros
Forex Ltd
Forex Optimum
FOREX UKRAINE
Forex-Market
Fortress Captial
Frontier Forex
FX Services
FxCompany
FXD24
FXFlat
FXGM
FXT Swiss
FXW
Global Futures
GloCap Markets
Goldboro
Goldstein Brokers
GreenFX Traders
Hoard-fx
iForex
IHI - Investment House Int’l
IKON Global Markets
IncoNeon
Institutional Liquidity
Interbank FX
Liquidex
London Capital Group
M2 Forex
Mandus Invest
Market Investments Team (MIT-FX)
Markets.com
MFFX
Monex Investindo Futures
MRC Markets
MVP Financial
N2 Capital Market
NatureForex
Nefteprombank
Noble Trading
NTWO CM
Paragon FX
Persepolis Capital Management
PFG Best
PFG Best Direct
PFG FX - Pro Finance Group
Real Forex
Real-Forex
RTFX
Shaw Markets
SmartTradeForex – Same as SmartTradeFX?
Solidity Brokers
Swiss
Swiss International (swissfs.com)
thinkorswim
Titan Financial Group (TFG)
TradeOrbitz
TradersChoiceFX
TradeStation Securities
UMOFX
United Forex
UPME Group
uTrader
Vector Securities
Victory International Futures
WSD Global Markets
Clint,
You were right about [B]EvenForex[/B]; they do accept US clients. Here is the conversation I just had:
[B]Tom[/B]:
Hello, do you accept US clients?
Welcome Tom! Your request has been directed to operator Operator. Please wait for Operator to answer your call.
[B]Tom[/B]:
The registration form contains the USA in the list of countries.
There are no operators available at the moment. If you would like to leave a message, please type it in the input field below and click “Send” button
Call accepted by operator Operator. Currently in room: Tom, Operator.
[B]Operator[/B]:
Hello Tom, Yes We can accept USA clients. Unless they can wire us the funds.
[B]Tom[/B]:
Oh, are you the only operator for Even Forex or are there other operators?
[B]Tom[/B]:
I asked a couple of weeks ago and was told that you don’t accept US clients.
[B]Tom[/B]:
Then I looked in the form and saw that the USA was listed so I decided to ask again.
[B]Tom[/B]:
So for a US client to fund the trading account, the deposit must be made via wire?
[B]Tom[/B]:
?
[B]Operator[/B]:
Yes, Ifcourse.
[B]Operator[/B]:
Tom, We have many operators and We accept US clients as we are registered in Dominica. We dont have any issues unless your bank have issue in processing your payments.
[B]Tom[/B]:
Thank you.
It took me 17 minutes start to finish to have that small correspondence as each message I sent took over 5 minutes to be acknowledged. Apparently, if my ability to decipher this English is at all good, they only accept US client deposits via wire? I did not have the patience to clarify further.
So,
[B]EvenForex [/B]- Dominica - Unregulated - Accepts US clients (deposit via wire only).
EvenForex Business Solutions Private Limited
International Business Company: http://evenforex.com/images/Cetificate_Dominica.jpg
Also has an address in Mumbai: http://evenforex.com/images/INC_mumbai.jpg
Level 1, Trade centre,
Bandra kurla complex, Bandra East,
Mumbai - 400154, India
Got it. I will move this broker to the correct spot on our List.
Just found this broker here: – [B]FXCH[/B]
From Dominica as well. Chat is offline and I can’t find anything about US clients yet. We have “Swiss” listed as a broker in the Prospect List which is rather ambiguous. I think it should be deleted from the list as it serves no real purpose. I cannot find any brokers by that name. If anyone can provide any input as to what broker “Swiss” actually refers to, I would appreciate it. For now I will consider [B]Swiss [/B]and [B]FXCH [/B]to be the same thing.
Hey, Tom
I recall that sometime in the past we encountered some confusion over Forex.CH and FXCH, and we finally resolved it, but I couldn’t remember the details.
So, I went back to the Offshore Broker List, as it appeared on April 18, 2012, to find the following entries in the Caribbean section of Group 1.
This is a copy-and-paste of that portion of the 4/18/12 List:
• 2pipsForex (Dominica) — [do not confuse Dominica with Dominican Republic]
Apparently, 2pipsForex and FXCH (Dominica) [removed from this list — see below] are the same firm.
—exercise extreme due diligence — see post #1311 for more info
Platform: MT4. – Min. initial deposit: 2,000 USD. – Max. leverage: 500:1. – Spreads: EUR/USD 1 pip, GBP/JPY 1 pip.
Website: 2 pips forex, Online forex trading, 1 pips spread on all currencies
Email: <[email protected]> — Note: The physical address listed for this broker may be a scam (see post #1311).
• FXCH (Dominica) — removed from this list (see 2pipsForex, above)
— [do not confuse FXCH (Dominica) with Forex.CH (Switzerland) in Group 2]
Here’s a link to post #1311, referenced above — http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc-132.html#post338035
I believe that Swiss and Swiss International, in the original unedited list of prospects, are one and the same. And that’s the way I handled it, when I placed Swiss International (Kuwait) in my list #6 (post #2305).
Some scam brokers, odd-ball brokers, and new broker start-ups, like to pick names that sound impressive. And, if you’re in the financial services business, calling yourself Swiss-something-other fills that bill.
Edit:
Here is the boiled-down list of prospects where you should concentrate your vetting efforts:
Alpha Trading CM
Apex FX Trading
ATG Marketplex - Aaron Trading
ATIG Securities
Back Bay FX
Barclays Stockbrokers
Baxter FX
Binary Options Trading
Black Stone
BlackstoneFX
Bloombex
BTrader
BulldogFX
Equilor Trader
Forex Investment Pros
Forex Optimum
FOREX UKRAINE
Fortress Captial
Frontier Forex
FXFlat
GloCap Markets
Goldboro
Goldstein Brokers
GreenFX Traders
Hoard-fx
iForex
IHI - Investment House Int’l
IncoNeon
Liquidex
M2 Forex
Mandus Invest
Market Investments Team (MIT-FX)
Monex Investindo Futures
MVP Financial
N2 Capital Market
NatureForex
Nefteprombank
Noble Trading
NTWO CM
Paragon FX
Persepolis Capital Management
Shaw Markets
Titan Financial Group (TFG)
United Forex
UPME Group
uTrader
…plus the list (near the bottom of post #2305) of brokers needing further vetting
There is a new thread on the Forex Brokers sub-forum, from a first-time poster, dealing with UFX Markets. This poster refers readers to [I]Forex Peace Army’s[/I] review of [B]UFX Markets,[/B] which concludes that UFX Markets is a scam.
Doing a google search of UFX, I find that UFX Markets (Belize) is the same company as UFX Bank (UK) currently in Group 2 of our Offshore Broker List. Further, UFX Bank seems to have disappeared from the internet, and apparently has disappeared as a “London forex broker”, as well.
Most links to UFX Bank return “page not found”. Those links which are [U]not[/U] disabled connect to UFX Markets (Belize).
Given all that, I will remove [B]UFX Bank (UK)[/B] from our List, and add [B]UFX Markets (Belize)[/B] to Group 2, indicating that they do not accept U.S. clients. This may or may not be correct, and it’s subject to further vetting. (The UFX Markets website seems to imply that [U]they do[/U] accept U.S. clients).
But, until their U.S. client policy is clarified, and until we get a better read on the scam allegations from FPA (and others), I think we should leave UFX Markets in Group 2.
[B]MFFX (Belize)[/B] is one of the brokers in our [I]list of prospects[/I] which has gone out of business (see list #4 in post #2305). This broker is the same company as MF Financial (Belize) which currently is in Group 2 of the Offshore Broker List.
I will remove [B]MF Financial (Belize)[/B] from the List.
Hi Clint,
I think we have to take Varchev off the list. This is the email I received today.
Hello Mr. Xxxx,
Sorry to inform you that we no longer accept US citizens to trade with us. Sorry for the inconvenience.
Varchev Brokers
Thanks for posting this information.
I attempted to send an email inquiry to [B]Varchev Financial (Bulgaria),[/B] using the email address in our List, but I found that it has been disabled. And their website offers no contact info, except telephone numbers in various European cities.
Would you be willing to give us the email address that Varchev used to contact you? If so, you can post it here, or you can send it to me via [I]private message.[/I]
Later today, I will update our List. I might leave Varchev in Group 1 for now, pending additional information from them. If so, I will flag the listing with a Caution, and I will reference your post #2313.